Valero LP has purchased an asphalt terminal and storage facility near Benicia CA for $15.0 million from Telfer Oil Co, a privately owned regional asphalt marketer. Telfer has retained and will continue to operate its other businesses related to the manufacture and distribution of asphalt. The acquisition was financed with available cash.
The terminal and storage facilities, which are in Pittsburg CA, have a current storage capacity of 350,000 barrels and serve the Northern California asphalt market. The terminal also includes a polymer modified asphalt plant with six 5,000-barrel tanks and a laboratory.
“Upon closing, we will have completed five acquisitions since our IPO in April of 2001,” said Curt Anastasio, chief executive officer of Valero.